What is the weighted average cost of capital (WACC) and provide the equation when a long-term debt, common equity, and preferred stock are used to obtain the capital funds?

Please describe each cost of capital in the WACC above and how you measure each?

Given the following components for WACC from Wisconsin Electric Power public utility rate case from 1983, please calculate the WACC (ignore the after-tax calculation of the debt cost of capital)?

Capitalization Ratios Cost of Capital

Common Equity 48% 14.8%

Preferred Stock 11% 8.1%

Long-term Debt 41% 8.3%

How does a higher beta affect WACC and why?